Best SIP Plans - Top SIP Plans to Invest in India 2023

SIP is a method of investment in any market linked product, the other being the lump sum or single pay method. A Systematic Investment Plan (SIP) is a method of disciplined investment in market linked funds offered by fund houses through Mutual Funds, insurance companies through ULIPs, and other financial institutions. Best SIP plans offered by these fund management institutions have given very high returns to disciplined investors even during volatile market scenarios.

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Systematic Investment Plan (SIP)
CATEGORY SIP By insurance Companies SIP By Fund Houses
RETURNS (Past 10 Years) 12.97%+ 12.91%+
LIFE COVER
TAX SAVING
Under 80C
On all plans
Only on ELSS
TAX
FREE MATURITY
BENEFIT
Under 10(10D)*

+Large cap category average past 10 years performance as on date 01 December 2022, as per Morning star.
* If premium payable is below Rs. 2.5 lakh in any year

Best SIP Fund Plans for the Year 2023

  • Insurance Companies
  • Mutual Funds

There is a wide range of systematic investment options available in ULIPs today. Let's take a look at the best SIP to invest in the year 2023:

Insurer Name Best performing Fund Name 10 year return
Tata AIA Life Insurance Company Ltd Whole Life Mid Cap Equity Fund 19.58%
Tata AIA Life Insurance Company Ltd Top 200 Fund 17.87%
Birla Sun Life Insurance Company Ltd Multiplier 16.67%
Bharti AXA Growth Opportunities Plus Fund 16.53%
IDBI Midcap Fund 16.38%
Birla Sun Life Insurance Company Ltd Pure Equity 16.29%
PNB MetLife India Insurance Company Limited Virtue II 16.23%
Tata AIA Life Insurance Company Ltd Super Select Equity Fund 16.2%
Bharti AXA Grow Money Plus Fund 16%
Max Life High Growth Fund 15.99%

Last Updated: 09 September 2022.

Unit Linked Insurance Plans (ULIPs) allow their investors to opt for the Systematic Investment Plan (SIP) method of investment, wherein the investor can make monthly, quarterly, semi-annually, or annually deposits in their plan. This method is beneficial as it does not harm the investor’s pocket and can be managed easily.

Top SIP ULIP Plans in Detail

Here are some best SIP to invest in for the long term to earn significant returns at the end of the tenure:

  1. Tata AIA Life - Whole Life Mid Cap Equity Fund

    An open ended ULIP fund in which most of the investment is made under the equity and equity-related instruments, Tata AIA Life whole life mid cap fund offers a return of 19.58% on an average in 10 years. Along with portfolio diversification, the fund managers under this fund focus on generating decent returns for the investors. 

  2. Aditya Birla Sun Life – Individual Multiplier Fund

    A joint venture of Sun Life Financial Incorporation and Aditya Birla Group, Aditya Birla Sun Life –Individual Multiplier Fund, one of the best SIP plans, holds total assets of 25.7 billion till date with 10 year returns of over 16.67%. The Individual Multiplier Funds are managed by Bhumika Bhatia currently and focus on growing the invested wealth of the investors exponentially. Income tax benefits can be claimed under this fund on the premiums paid as per Section 80C of the Income Tax Act, 1961.

  3. IDBI Midcap Fund

    IDBI Midcap Regular Fund invests most of the money in equity and equity-related mutual fund schemes hence is considered one of the best SIP to invest in. The date of incorporation of the fund scheme is 29th March 2010, and the current fund manager is Ashish Mishra. Some of the main highlights of the IDBI Midcap Regular fund scheme are:

    • AuM (Asset Under Management) is Rs. 4,194 crores currently.

    • NAV (Net Asset Value) as of 13th June 2022 is Rs. 14.67.

    • The fund involves high risk taking by the investor.

    • The minimum investment amount under the fund is Rs. 500.

    • Exit load of 1% is levied if redeemed before the completion of 12 months.

  4. Max Life High Growth Fund

    Max Life High Growth Fund is a multi-cap fund scheme focusing mainly on the mid cap equities, making it one of the best SIP plans. A minimum of 70% is invested in the equities under this fund and the remaining in corporate bonds, government market institutes, etc. The risk involved is relatively higher in this fund scheme. The date of incorporation of the fund scheme is 26th February 2008, and the current fund manager is Saurabh Katariya and Naresh Kumar.

There is a wide range of systematic investment options available today. Let’s take a look at a few top-performing funds which are apt for SIP investment in the year 2023:

Returns
Fund Name 3 Years 5 Years 10 Years
Large Cap Fund Mirae Asset 14.26% 10.47%
16.26%
Bluechip Fund SBI 15.10% 10.54%
14.91%
Large Cap Fund Nippon India 15.87% 10.43%
14.93%
Bluechip Fund Axis 10.57% 11.70%
14.36%
Large Cap Fund Baroda BNP Paribas 14.33% 11.29%
14.69%
Bluechip Fund ICICI Prudential 16.25% 11.03%
14.61%
Frontline Equity Fund Aditya Birla Sun Life 14.63% 9.35%
13.88%
Bluechip Equity Fund Canara Robeco 14.08% 11.87%
12.93%
Cap Fund Edelweiss Large 12.86% 9.83%
13.02%
Cap Fund B Edelweiss Large 12.90% 9.84%
13.03%

Updated as on January 2023

View All Plans

Top SIP Plans in Detail

  1. Axis Bluechip Fund

    This is an equity-oriented fund that main objective is to achieve long-term capital appreciation by making investments majorly in equity and equity-related securities of large-cap companies including, derivatives. This fund is best suitable for the investor who has a high-risk appetite and who wants to gain a high return on investment over a long-term period. Let’s take a look at the fund details.

  2. Axis Focused 25 Fund

    This is an open-ended equity fund that aims to generate long term capital appreciation by making investments in equity and equity-related securities. As an equity-oriented fund, Axis Focused 25 Fund is a high-risk fund option that offers higher returns on investment. Let’s take a look at the fund details.

  3. Aditya Birla Sun Life Frontline Equity Fund Growth

    Launched on 23rd December 1994, Aditya Birla Sun Life Frontline Equity Fund is a very high-risk-taking mutual fund. The primary objective of the scheme is to seek long-term capital growth. The money is 100% invested in equity, aiming for diversity across industries. It also holds an objective of income generation and distribution of IDCW.

  4. Baroda BNP Paribas Large Cap Fund Regular Plan Growth

    Baroda BNP Paribas Asset Management India Pvt. Ltd. came up with a large-cap equity scheme, Baroda BNP Paribas Large Cap Fund, on 23rd September 2004. Currently managed by Jitendra Sriram, the fund focuses on generating long-term capital growth. Primary investments are predominantly made into equity and equity-related instruments of large-cap companies. The scheme does not guarantee any returns.

  5. Canara Robeco Bluechip Equity Fund Regular Plan Growth

    Canara Robeco Bluechip Equity Fund is a very high risk-taking fund with a minimum investment limit of Rs. 1,000. Launched on 20th August 2010, it is currently managed by Shridatta Bhandwaldar. The predominant objective of the fund is to provide capital appreciation while investing in large market companies. The scheme does not guarantee any returns.

  6. Edelweiss Large Cap Fund C Growth

    Launched on 20th May 2009, Edelweiss Large Cap Fund is a very high risk-taking mutual fund. The scheme's primary objective is to seek long-term capital growth by investing in equity and equity-related securities of 100 large-cap companies listed in India. The scheme does not guarantee any returns.

  7. ICICI Prudential Bluechip Fund

    As an open-ended equity scheme, this fund majorly invests in large-cap stocks. The main objective of the scheme is to provide long-term capital appreciation by making investments predominantly in equity and equity-related instrument of large-cap companies. Let’s take a look at the fund details.

  8. IDBI India Top 100 Equity Fund Growth

    A large-cap equity scheme, IDBI India Top 100 Equity Fund is an equity mutual direct fund belonging to IDBI Asset Management Ltd. Launched on 15th May 2012, the fund focuses on generating long-term capital growth. The money is invested in equity and equity-related instruments, making it diversified in nature. This fund is best suited for the investor with a high-risk appetite and who wants to gain a high return on investment over a long-term period.

  9. Nippon India Large Cap Fund -Direct Plan - Growth Plan

    Nippon Life India Asset Management Ltd. came up with an open-ended equity scheme, Nippon India Large Cap Fund, on 8th August 2007. Currently managed by Sailesh Raj Bhan, the fund focuses on generating long-term capital growth. Primary investments are predominantly made into equity and equity-related instruments of large-cap companies, whereas secondary investments are made in money market securities, debts, InvITs, and REITs.

  10. TATA India Consumer Fund

    This is an open-ended fund that aims to provide long-term capital growth by investing 80% of the asset in equity and equity-oriented securities. This fund is the best fit for investors who have a high-risk appetite. Let’s take a look at the plan details.

When to ULIP vs when to Mutual Fund - ULIP vs Mutual Fund

Investors are always confused on how to choose between ULIP and MF based systematic investment as both these SIP investment options offer different benefits. Following are some points of considerations gathered based on the research done by our financial experts to help investors decide the best SIP plan to meet their financial goals.

When to ULIP?
Looking for medium to long-
term investment
horizon
Want to grow wealth while
securing family future
Have a low to medium
risk appetite
You want to save on
your taxes
Want less stress during market
volatility
When to Mutual Funds
A short-term or a
medium-term investment horizon
Want to only grow wealth

Have a high or medium
risk appetite
Want high liquidity with no tax
saving
Have knowledge & expertise to
manage market volatility
View Plans
See Full ULIP VS MF Comparison

The process of SIP funds allows the investors to manage their personal finance and create a financial cushion so that they can achieve the financial objectives of life. The contribution towards SIP helps the investors to manage their investment on a regular basis in a simple and hassle-free way. Even though returns on SIP mutual funds entirely depend on the market performance, mentioned above is the list of top-performing best SIP plans for the year 2023, wherein you can consider investing.

Why Invest in a SIP in 2023?

One of the most common reasons why people are attracted to investing in SIP is the inculcation of regular habits of savings in small and regular intervals.

Investment of small amounts

As stated above, small and regular deposits can be made in SIPs. An investment amount as low as Rs. 500 or even Rs. 100 in some cases can be made while purchasing a SIP. The amount of investment under SIP has no barrier making it easy and approachable to the masses.

Rupee cost averaging

As we know that the equity market is volatile in nature so, when it comes to investment in SIP, it helps the investor to purchase more when the prices are low and less when the market is booming. SIPs are beneficial for investors who invest in more shares at less price rather than investors who invest a large sum in just one share

Option to run multiple SIPs

There is a scope of investing in more shares rather than putting all your bets on 1 or 2 shares in SIP. Choice of shares and investments, if made wisely, can be very beneficial for investors investing in SIPs.

Flexibility

With an option to start and stop a SIP whenever the investor wishes to, SIP offers great flexibility even if the invested amount is low.

Maximum Returns with Minimum Investment

To attain maximum benefits while investing in the best SIP plans, all you have to do is follow these simple steps:

  • Determine your future needs

  • Make a list and the amount of savings needed to achieve your goals.

  • Have a piece of in-depth knowledge about the SIP you are planning to invest in.

  • Complete all your documentation and KYC for non-interrupted investments and hassle-free results.

  • Choose the SIP that suits your future goals the best. SIP calculator online tool can be used to get an idea of returns.

  • Invest small amounts in multiple shares rather than focusing on just 1 for the best results.

Frequently Asked Questions

  • Q1. Does SIP Investment offer tax benefits in 2023?

    Ans: Not all SIP plans offer tax benefits. The investment made through SIP in an equity-linked savings scheme is applicable for tax exemption under section 80C of the Income Tax Act.
  • Q2. What are the maximum and minimum amounts that can be invested in SIP in 2023?

    Ans: The investors can start making an investment through SIP with a minimum amount of Rs.500. However, there is no upper limit on the maximum investment in SIP.
  • Q3. How can I start SIP Investment in 2023?

    Ans: The investors can choose the offline or the online method to start making the SIP investment.
    For the online method:
    • Visit the official website of the asset management company (AMC).
    • Fill in all the details for online SIP.
    • Along with the details of KYC, the investors will require to submit a scanned copy of address proof, cheque, account number, and ID proof.
    For offline method
    • Visit the branch office of the asset management company (AMC).
    • Fill out the auto-debit form and application form thoroughly.
    • Submit all the important documents such as address proof and ID proof along with the properly signed cheque to the address of the mutual fund.
  • Q4. Which one is the best SIP plan in 2023?

    Ans: There are many top-performing SIPs available in the financial market. A few of the top SIPs are as follows:
    Insurer Name Best performing Fund Name 10-year return
    Tata AIA Life Insurance Company Ltd Whole Life Mid Cap Equity Fund 19.58%
    Tata AIA Life Insurance Company Ltd Top 200 Fund 17.87%
    Birla Sun Life Insurance Company Ltd Multiplier 16.67%
    Bharti AXA Growth Opportunities Plus Fund 16.53%
    IDBI Midcap Fund 16.38%
  • Q5. Which SIP is best for the highest return?

    Ans: From Large Cap to ELSS (Equity Linked Savings Schemes), there are various categories under which an investor can invest in funds through the SIP method. Here are some top SIPs with the highest returns one can invest in:
    Funds 1 Year Return 3 Year Return 5 Year Return Minimum SIP Investment
    • Large Cap Schemes

    Aditya Birla Sun Life India GenNext Direct Fund Growth 5.70% 19.30% 15.30% Rs. 1,000
    Aditya Birla Sun Life Focused Equity Fund Direct-Growth -0.30% 15.90% 11.20% Rs. 1,000
    ICICI Prudential Multi-Asset Fund Growth 12.10% 19.90% 12.90% -
    • Mid Cap Schemes

    Aditya Birla Sun Life Mid Cap Direct Fund Growth 0.00% 21.40% 9.10% Rs. 1,000
    Canara Robeco Emerging Equities Fund Direct-Growth 1.90% 22.40% 13.90% Rs. 1,000
    Edelweiss Mid Cap Direct Plan-Growth 6.90% 28.90% 16.30% Rs. 500
    • Multi Cap Schemes

    Aditya Birla Sun Life Equity Advantage Fund Direct-Growth -9.60% 15.30% 8.30% Rs. 1,000
    Franklin India Focused Equity Fund Growth 4.10% 20.10% 12.20% -
    HDFC Capital Builder Value Fund Growth 2.40% 17.10% 9.60% -
    • Equity Linked Savings Scheme (ELSS)

    Aditya Birla Sun Life Tax Plan Direct-Growth -3.00% 9.10% 6.50% -
    Invesco India Tax Plan Direct-Growth -5.20% 15.90% 12.40% Rs. 500
    L&T Tax Advantage Fund Growth 1.50% 14.30% 8.00% -
  • Q6. Which SIP is best for 1000 per month in 2023?

    Ans: An investor needs to choose funds wisely for investment to earn better returns in the future. Some of the best SIPs to invest with a minimum amount of Rs. 1,000 are as follows:
    Funds 1 Year Return 3 Year Return 5 Year Return Risk Involved
    ICICI Prudential Technology Direct Plan-Growth -15.40% 33.40% 27.10% Very High Risk
    Aditya Birla Sun Life Digital India Fund Direct-Growth -12.70% 30.90% 25.70% Very High Risk
    Nippon India Small Cap Fund Direct-Growth 13.90% 35.70% 17.80% Very High Risk
    ICICI Prudential All Seasons Bond Fund Direct Plan-Growth 4.50% 7.80% 7.80% Moderate Risk
    ICICI Prudential Equity & Debt Fund Direct-Growth 10.20% 21.40% 14.40% Very High Risk
  • Q7. Is SIP better than FD?

    Ans: SIP is one of the methods of investment in funds wherein the investor can deposit small amounts at regular intervals and receive decent returns. On the other hand, Fixed Deposits are an investment option where a certain amount is deposited for a fixed tenure, and the interest is received after maturity.
    Generally, the rate of interest received from SIP investments is higher than that of FDs, but so is the risk involved. An investor willing to take a higher risk in return for better profits should opt for SIP, whereas for investors with zero risk-taking ability, FD is the right investment option.
  • Q8. Is SIP a risk?

    Ans: It is important to know that SIP is one of the methods of investment in funds and not an underlying investment option. The investment option chosen to invest in, the risk involved, and other factors related to the investment option define the risk involved in the SIP investment.

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